Energean signs rig, platform deal with GSP for Epsilon development

Romanian GSP will build a new well-head jacket platform for Energean’s Epsilon field development in Greece. Under the agreement announced on Wednesday, GSP will also provide a jack-up drilling rig for the project.

In order to increase production from the Prinos concession area, Energean Oil & Gas has initiated the Epsilon field development project in the Gulf of Kavala. The project comprises an unmanned wellhead platform and three inter-connecting pipelines to the existing Prinos Delta Platform, GSP said.

The new platform – to be named “Lamda” will have two main decks – drilling and production – and a mezzanine deck. It will contain slots to allow up to 15 wells to be drilled.

According to available info, Lamda will be both constructed and installed by Romania’s GSP,

Topsides and jacket will be fabricated at GSP shipyard facilities Constanza between 2018 – 2019. Platform piles and base frame are scheduled be installed in 2018. The jacket is expected to be installed on top of piles in 2019, while deck’s installation on jacket and final commissioning is planned for 2019.

The GSP scope of work includes the drilling of 3 wells at Lamda Platform location (Aegean Sea), using GSP Jupiter jack-up rig, as well as the installation of the Lamda platform and inter-connecting pipelines.

Energean has recently signed with BP the extension of the long-term off-take agreement for the Prinos field to November 2025.

Earlier in February, Energean signed a $180 million loan with the European Bank for Reconstruction and Development (“EBRD”), the Black Sea Trade and Development Bank, EximBank Romania and Intesa Sanpaolo Bank.

Offshore Energy Today Staff

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